What is the application and procedures for issuance of license for establishment of representative office in Vietnam for foreign insurers?
- What is the application for issuance of license for establishment of representative office in Vietnam for foreign insurers?
- What are the procedures for issuance of license for establishment of representative office in Vietnam for foreign insurers?
- What are the conditions for application submitted to the Ministry of Finance for issuance of license for establishment of representative office in Vietnam for foreign insurers?
What is the application for issuance of license for establishment of representative office in Vietnam for foreign insurers?
Pursuant to Clause 1, Article 56 of Decree 46/2023/ND-CP stipulating that application for issuance of license for establishment of representative office in Vietnam for foreign insurers includes:
- An application form for license for establishment of representative office in Vietnam specified in Appendix XI of Decree 46/2023/ND-CP;
- A copy of the establishment license, business registration certificate or other equivalent document of the foreign enterprise;
- A copy of the financial statement audited by an independent auditing organization of the foreign enterprise in the three fiscal years preceding the year of submission of the application for license for establishment of representative office in Vietnam;
- Curriculum vitae, copy of 9-digit or 12-digit ID card or passport of the person expected to hold the position of head of the representative office;
- The introduction of the foreign enterprise;
- The approval of the insurance authority where the foreign enterprise's head office is located that allows the foreign enterprise to set up a representative office in Vietnam. If the home country's regulations do not require written approval, a written certification from a competent authority is required in accordance with the law of the country.
What is the application and procedures for issuance of license for establishment of representative office in Vietnam for foreign insurers?
What are the procedures for issuance of license for establishment of representative office in Vietnam for foreign insurers?
Pursuant to the provisions of Article 56 of Decree 46/2023/ND-CP regulating procedures for granting licenses to set up foreign representative offices in Vietnam of foreign insurance enterprises as follows:
Step 1: Foreign insurers, foreign finance-insurance institutions, foreign reinsurers, foreign insurance brokers (hereinafter referred to as foreign enterprises) submit the Ministry of Finance, in person, by post, or online (if applicable)
Step 2: Within 30 days of receiving an incomplete or invalid application, the Ministry of Finance shall notify the applicant in writing to supplement or revise the application.
The time limit for supplementation or revision of the investor’s application is 6 months from the date of notification. In case the investor fails to supplement or revise the application within the prescribed time limit, the Ministry of Finance will deny the application.
The time limit for the applicant to supplement or revise their application is 12 months from the date of the first notication by the Ministry of Finance. If the applicant fails to complete the application within the specified time limit, the Ministry of Finance has the discretion to deny the application.
Within 60 days of receiving a complete or valid application, the Ministry of Finance shall grant an Establishment and Operation License to the insurer, reinsurer, or foreign branch in Vietnam according to the Appendix II hereto appended. If the application is rejected, the Ministry of Finance shall provide an explanation in writing.
The Ministry of Finance may only deny the application if the capital contributor or the insurer, reinsurer, or foreign branch to be established in Vietnam does not fully satisfy the requirements and/or application as prescribed in this Decree, or the documents therein are forged or falsified as specified in Clause 3, Article 15 of Decree 46/2023/ND-CP.
What are the conditions for application submitted to the Ministry of Finance for issuance of license for establishment of representative office in Vietnam for foreign insurers?
Pursuant to the provisions of Clause 2, Article 15 of Decree 46/2023/ND-CP stipulating the applications submitted to the Ministry of Finance must satisfy the following:
- Documents with signatures, titles, and seals of foreign organizations and individuals in the application must be consularly legalized in accordance with law within 12 months preceding the date of application, except for the following documents: Application form for License; copy of 9-digit or 12-digit ID card or passport; document issued by the competent authority of the company; authorization letter; written commitment;
- Copies in the application must be made from the master register or be authenticated;
- If applicant for Establishment and Operation Licenses is a foreign organization or individual, each set shall include one copy in Vietnamese and one copy in English, except for Vietnamese documents (or copies from the original Vietnamese language) that are originally made in Vietnam;
- Documents made in a foreign language must be accompanied by a certified translation into Vietnamese by a competent authority. Translations of financial statements must be certified by authorized translation organizations or individuals in accordance with the law.
- Police (clearance) certificate, made according to the form or equivalent document of a foreigner prescribed by foreign law must be issued by a competent authority no later than 12 months before the date of application. The certificate must have full information on criminal convictions and prohibition from holding certain positions, establishing, or managing enterprises or cooperatives;
- The curriculum vitae must be made no later than 6 months before the date of application;
- The bank's certifications on the balance of Vietnamese dong or a freely convertible foreign currency deposited at an authorized bank in Vietnam specified in this Decree must be made within 6 months before the date of application;
- There must be an enclosure list in each application set.
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